,,ii #aafth ,,congress #ast ,session ,s4 #afji ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #bb1 #bjai,mr4 ,van ,hollen 7for himself1 ,ms4 ,klobuchar1 ,ms4 ,duckworth1 and ,mr4 ,whitehouse7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,securities ,act of #aicd to require country-by-country reporting4 #a4 ,short title ,this ,act may be cited as the ,disclosure of ,tax ,havens and ,offshoring ,act4 #b4 ,country-by-country reporting 7a7 ,country-by-,country ,reporting ,section #ac of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7 is amended by adding at the end the following new subsection3 7s7 ,disclosure of financial performance on a ,country-by-,country basis 7#a7 ,definitions ,in this subsection-- 7,a7 the term constituent entity means1 with respect to a covered issuer1 any separate business entity of the covered issuer2 7,b7 the term covered issuer means an issuer who-- 7i7 is a member of a multinational enterprise group2 and 7ii7 the multinational enterprise group of which the issuer is a member has annual revenue for the preceding calendar year of not less than an amount determined by the ,commission to conform to ,united ,states or international standards for country-by-country reporting2 and 7,c7 the term tax jurisdiction-- 7i7 means a country or a jurisdiction that is not a country but that has fiscal autonomy2 and 7ii7 includes a territory or possession of the ,united ,states that has fiscal autonomy4 7#b7 ,disclosure 7,a7 ,in general ,each covered issuer shall file a report with the ,commission that includes information described in subparagraph 7,b71 and any other information required by the ,commission1 with respect to the reporting period described in subparagraph 7,c74 7,b7 ,information required ,the information described in this subparagraph is as follows3 7i7 ,constituent entity information ,information on the constituent entity1 including the following3 7,i7 ,the complete legal name of the constituent entity4 7,,ii7 ,the tax jurisdiction1 if any1 in which the constituent entity is resident for tax purposes4 7,,iii7 ,the tax jurisdiction in which the constituent entity is organized or incorporated 7if different from the tax jurisdiction of residence74 7,,iv7 ,the tax identification number1 if any1 used for the constituent entity by the tax administration of the constituent entity's tax jurisdiction of residence4 7,v7 ,the main business activity or activities of the constituent entity4 7ii7 ,tax jurisdiction ,information on each tax jurisdiction in which one or more constituent entities is resident1 presented as an aggregated or consolidated form of the information for the constituent entities resident in each tax jurisdiction1 including the following3 7,i7 ,revenues generated from transactions with other constituent entities4 7,,ii7 ,revenues not generated from transactions with other constituent entities4 7,,iii7 ,profit or loss before income tax4 7,,iv7 ,total income tax paid on a cash basis to all tax jurisdictions4 7,v7 ,total accrued tax expense recorded on taxable profits or losses4 7,,vi7 ,stated capital4 7,,vii7 ,total accumulated earnings4 7,,viii7 ,total number of employees on a full-time equivalent basis4 7,,ix7 ,net book value of tangible assets1 which1 for purposes of this section1 does not include cash or cash equivalents1 intangibles1 or financial assets4 7iii7 ,special rules ,the information listed in clause 7ii7 shall be provided1 in aggregated or consolidated form1 for any constituent entity or entities that have no tax jurisdiction of residence4 ,in addition1 if a constituent entity is an owner of a constituent entity that does not have a jurisdiction of tax residence1 then the owner's share of such entity's revenues and profits will be aggregated or consolidated with the information for the owner's tax jurisdiction of residence4 7,c7 ,reporting period ,the reporting period covered by this paragraph is the period of the covered entity's applicable financial statement prepared for the #ab-month period that ends with or within the taxable year of the covered issuer4 ,if the covered issuer does not prepare an annual applicable financial statement1 then the reporting period covered by this paragraph is the #ab-month period that ends on the last day of the taxable year of the covered issuer4 7,d7 ,filing deadline ,each covered issuer shall submit to the ,commission a report required under this section on or before the due date 7including extensions7 for filing that covered issuer's tax return in the tax jurisdiction in which the covered issuer's multinational enterprise group is resident4 7,e7 ,regulation ,the ,commission shall promulgate regulations carrying out this section that conform to ,united ,states or international standards for country-by-country reporting1 including regulations promulgated by the ,internal ,revenue ,service4 4 7b7 ,rulemaking 7#a7 ,deadlines ,the ,securities and ,exchange ,commission 7in this section referred to as the ,commission7 shall-- 7,a7 not later than #bgj days after the date of enactment of this ,act1 issue a proposed rule to carry out this section and the amendment made by this section2 and 7,b7 not later than #a year after the date of enactment of this ,act1 issue a final rule to carry out this section and the amendment made by this section4 7#b7 ,data format ,the information required to be provided by this section shall be provided by the issuer in a report in a machine readable format prescribed by the ,commission1 and such report shall be made available to the public online1 in such machine readable format as the ,commission shall prescribe4 7#c7 ,effective date ,subsection 7s7 of section #ac of the ,securities ,exchange ,act of #aicd1 as added by this section1 shall become effective #a year after the date on which the ,commission issues a final rule under this section4